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This paper advocates for holistic Shariah adaptation of the modus operandi (operational model) of the Islamic interbank money market. It presents the reasons for the need for the substitution of the conventional methods of ‘tendering’, ‘auction’ and brokerage procedures in the market with the Shariah compliant methods of ‘al-Munaqasah,’ ‘al-Muzayadah’ and ‘al-Samsarah’ which are known and rooted in the Islamic law of transaction. It concluded that the adaptation of such procedures will lend more credence to the Islamic financial system that continues to receive criticism from various quarters. The study is a qualitative Shariah legal research. It is restricted to the jurisprudential analysis of the modus operandi of the market vis-a-vis the underpinning contracts of its procedure, in both the primary and the secondary stages of the markets.

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One of the major challenges before  the emerging Islamic financial Institutions is the dearth of Shariah compliant money market platform for the management of their liquidity. However, a viable panacea to the problem has been developed in Malaysia. One of the measures that were taken for the solving of the problem in the country was the creation of Bursa Suq al-Sil'ah which is a Shariah compliant liquidity commodity market. The market is tremendously efficient and it can form a model for other countries. This paper submits that the creation of a similar commodity market in the emerging jurisdictions will mitigate the problem of Shariah compliant liquidity management to a great extent. The study adopts Shariah method in its analysis in view of buttressing the mechanism of Bursa Suq al-Sil‟ah as a model for the emerging jurisdiction.